A movement along the production possibilities curve would imply that
A) the labor force has grown.
B) productivity has increased.
C) society has chosen a different set of outputs.
D) productivity has declined because workers are demanding more leisure.
C) society has chosen a different set of outputs.
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Use national demand and supply curves to show (a) the incentives for trade to begin between nations. (b) the effect on the likely pattern of trade of a change in technology in A that causes A's national supply curve to shift out
(c) the effect on the likely pattern of trade of a change in tastes in B in favor of good S.
Which good would you expect to have a greater price elasticity: a gallon of gasoline sold at a specific gasoline station on Main Street in Phoenix, a gallon of gasoline sold in Phoenix, or a gallon of gasoline sold in Arizona? Why?
What will be an ideal response?
Which of the following is a normative economic statement?
A. The price of milk is too high. B. The current high price of milk is the result of reduced worldwide supply. C. When the price of milk rises, the quantity of milk purchased falls. D. When the price of milk rises, the cost of milk-based products rises.
Refer to the diagram. Which one of the following might shift the marginal benefit curve from MB1 to MB2?
What will be an ideal response?